The influence of processing parameters in laser engineered net shaping (LENS) on the properties of 316L stainless steel and titanium carbide (TiC) composite coating was studied. The key processing parameters were laser power, scanning speed, TiC powder ratio, and powder feed rate. Mathematical models were developed to investigate the micro-hardness, wear volume, and defect area of the coating. The accuracy of the models was examined by analysis of variance and experimental validation. Results showed that micro-hardness was positively correlated with TiC powder ratio. Increasing TiC powder ratio could reduce the wear volume. In addition, the wear volume displayed an increase then decrease with increasing laser power and decreasing scanning speed. Both scanning speed and TiC powder ratio showed a recognizable impact on the defect area. Reducing the scanning speed and TiC powder ratio can effectively reduce the defect area. The targets for the processing parameters optimization were set to maximize micro-hardness, minimize wear volume, and defect area. The difference between the model prediction value and experimental validation result for micro-hardness, wear volume, and defect area were 0.46%, 4.54%, and 8.82%, respectively. These results provide guidance for the LENS processing parameters optimization in controlling and predicting of 316L/TiC composite coating properties.